Coinbase, the largest US-based crypto exchange by trading volume, is disclosing a $400 million hack that relied on bribing exchange employees.

In a cybersecurity incident report to the U.S. Securities and Exchange Commission (SEC), Coinbase estimates up to $400 million in losses after hackers bribed multiple employees to share information about customer accounts and internal Coinbase documentation.

“While the Company is still investigating the affected data, it included:

• Name, address, phone, and email;
• Masked Social Security (last 4 digits only);
• Masked bank-account numbers and some bank account identifiers;
• Government-ID images (e.g., driver’s license, passport);
• Account data (balance snapshots and transaction history); and
• Limited corporate data (including documents, training material, and communications available to support agents).”

Coinbase learned of the hack by receiving a May 11 email demanding a $20 million Bitcoin (BTC) payoff to prevent the hackers from releasing the illegally obtained info.

Coinbase says that the employees involved have been fired, that the firm will not pay the hackers’ ransom and that it is cooperating with law enforcement in the investigation.

In a video posted to the social media platform X, CEO Brian Armstrong promises Coinbase will pay back those affected, increase cyberattack defenses, and relocate certain overseas customer support operations. Armstrong claims that the bribed Coinbase employees were all “overseas support agents”.

Coinbase (COIN) stock has fallen over 4% since the news broke.

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Crypto Exchange Coinbase Hit With $400,000,000 Cyber Attack Involving Employee Bribery appeared first on The Daily Hodl.

Coinbase, the largest US-based crypto exchange by trading volume, is disclosing a $400 million hack that relied on bribing exchange employees.

In a cybersecurity incident report to the U.S. Securities and Exchange Commission (SEC), Coinbase estimates up to $400 million in losses after hackers bribed multiple employees to share information about customer accounts and internal Coinbase documentation.

“While the Company is still investigating the affected data, it included:

• Name, address, phone, and email;
• Masked Social Security (last 4 digits only);
• Masked bank-account numbers and some bank account identifiers;
• Government-ID images (e.g., driver’s license, passport);
• Account data (balance snapshots and transaction history); and
• Limited corporate data (including documents, training material, and communications available to support agents).”

Coinbase learned of the hack by receiving a May 11 email demanding a $20 million Bitcoin (BTC) payoff to prevent the hackers from releasing the illegally obtained info.

Coinbase says that the employees involved have been fired, that the firm will not pay the hackers’ ransom and that it is cooperating with law enforcement in the investigation.

In a video posted to the social media platform X, CEO Brian Armstrong promises Coinbase will pay back those affected, increase cyberattack defenses, and relocate certain overseas customer support operations. Armstrong claims that the bribed Coinbase employees were all “overseas support agents”.

Coinbase (COIN) stock has fallen over 4% since the news broke.

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Crypto Exchange Coinbase Hit With $400,000,000 Cyber Attack Involving Employee Bribery appeared first on The Daily Hodl.